Harland inks deal with INTERLINQ

By MortgageDaily.com staff

August 7, 2002


A subsidiary of John H. Harland Company has announced it will acquire INTERLINQ Software Corporation. The purchase price is expected to be more than $30 million.

Atlanta-based Harland's products include the LaserPro® line of automated lending and The SMART suite, which the company says addresses point-of-sale, processing, closing, post closing, risk analysis and pipeline management needs. INTERLINQ, which says it offers client-server and Web-based solutions to mortgage lenders, is based in Bellevue, Washington. INTERLINQ is the maker of the MortgageWare® Enterprise product suite.

Harland said it signed a definitive agreement to acquire INTERLINQ for $6.25 per share. Near midday, shares of INTERLINQ -- which have traded as low as $1.29 during the past 52 weeks -- were trading at $6.09. Shares of Harland were trading at $25.74.

The total purchase price of the deal, which is anticipated to close during the fourth quarter, is expected to be $34 million including fees and expenses, less INTERLINQ's cash balance of about $10 million.

"We're excited to join as prestigious and innovative a company as Harland," said INTERLINQ CEO Michael Jackman. "We see this agreement as further confirmation that the strategic direction we've established over the last year is both highly desirable and on target to deliver products that will set the new standard in financial services solutions."